Bitcoin closed in on another milestone Friday, as the digital currency approached £6,000 for the first time to put its gain in 2017 to above 500 percent. The push higher comes just three days after bitcoin suffered its biggest one-day drop in a month on rising concern that regulators are increasingly targeting digital currencies. It’s added almost £500 in value in the past two days alone while reaching a record high.
The end-of-week rally is another sign that the threat of oversight won’t damp enthusiasm for digital currencies. Bitcoin was quick to shrug off China’s move to tighten its grip on trading, extending an eight-fold increase over the past year to a record high on Oct.
13. Four days later, bitcoin fell as much as 8.4 percent after the Commodity Futures Trading Commission said “tokens” used in initial coin offerings can fall within its oversight.
Securities and Exchange Commission has already said tokens from some ICOs can be deemed securities under its oversight.